Business
CleanSpark Announces Quarterly Results in a Statement to Its Shareholders
CleanSpark, Inc. Delivers Record 370% Year-Over-Year Increase in Revenue for the six months ended March 31st. SALT LAKE CITY, May 12, 2020 /PRNewswire/ --
About this update from Cleanspark, Inc.
[{"type":"text","content":"CleanSpark, Inc. Delivers Record 370% Year-Over-Year Increase in Revenue for the six months ended March 31st.\n\n\nSALT LAKE CITY, May 12, 2020 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), a diversified software and services company, is pleased to update its shareholders and comment on the Company's financial results presented in its most recent Form 10-Q. The Company recommends that readers also review the Company's 10-Q in its entirety, a free copy of which is available to all interested parties on the Company's website or on www.sec.gov.\n\n \n \n \n \n \n \n\n \nDear Fellow Shareholders,\nThe past months have been challenging for the entire world and our hearts go out to all those that have been affected by the COVID-19 pandemic. We count ourselves as very fortunate as we delivered our seventh consecutive record-setting quarter with a significant increase in year-over-year revenues during this trying period. Through our strategic acquisition of p2klabs, Inc. and expansion of our existing product offerings, we are optimistic that we will continue to see increased adoption of our solutions and associated revenues. \nOur sales in fiscal 2020 are led by sales of our custom switch gear equipment with $4.0 Million in products delivered during the six months ending March 31, 2020. We continue to see a sizable percentage of repeat customers in this segment and we expect this trend to continue throughout 2020. As of March 31, 2020, CleanSpark had a total of approximately $3.5 million in hardware purchase orders under contract, which we expect to deliver over the next two quarters. We continue to target $7.0 million in delivered equipment sales prior to the end of our fiscal year.\nWe plan to continue increasing our marketing focus on our mPulse software and controls platform and mVSO, (microgrid Value Stream Optimizer) our Software as a Service (SaaS) energy design and modeling platform. We expect these efforts will result in increased revenues and an improved margin profile. To further aid the company in these actions we were pleased to announce the addition of Marty Weishaar as our new Vice-President of Marketing, in March 2020. Marty formerly served as the New Products Director at Lending Tree. During the six months ending March 31, 2020, we delivered over $345,000 in software, energy storage and associated hardware. As of the...